CRYPTONAIRE
WEEKLY CRYPTO investment journal
CRYPTO TRADE OPPORTUNITIES BITCOIN - BTC/USD
We had projected a target objective of £31,399 in our previous analysis and Bitcoin rose to an intraday high at £30,936 on January 8. We had also mentioned that the RSI is in overbought levels and such markets can turn around quickly. We saw an example of that on January 11 when the BTC/USD pair plummeted below the 20-day EMA and fell to an intraday low at £21,000. The bulls aggressively purchased the lows, which is a positive sign as it shows strong demand at lower levels. If the bulls can build upon yesterday’s recovery, the pair may again gradually attempt to move up to £30,000. However, the possibility of the uptrend resuming is low. The higher levels are likely to attract selling by traders as many may want to book profits. If the pair fails to break out to new highs, the selling is likely to intensify and that could again pull the price back towards £20,000. The pair could remain range-bound for a few days before starting the next trending move. We do not find any reliable setups that offer an attractive trading opportunity. Cryptonaire Weekly | January 12th 2021
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